IPE: European reform will not damage pensions industry

24 April 2012

Karel van Hulle, head of the European Commission's insurance and pensions unit, said: "The objective of the reform is not to damage the pensions industry. On the contrary, it is there to make sure occupational pension schemes can thrive."

Mr Hulle was responding to a request from one MP to confirm the Commission would ensure it did not put forward a scheme that would damage the UK pensions industry. "It can never be the objective to have a system that is to the detriment of the pension funds in an individual Member State”, Van Hulle said.

He refused to be drawn on a timescale for setting the technical specifications, which are to be given to the European Insurance and Occupational Pensions Authority (EIOPA) to allow it to move on with more detailed requirements for pension funds. "The Commission is very conscious that this is a topic that is both technically difficult, but also politically very sensitive", he said.

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